Visual Representation of Hoberg/Phillips Product Space


The Hoberg and Phillips Text Based Industry Classifications have a spatial representation. All firms have a location in a product market space shaped as a unit sphere. Competitive product markets are areas of the sphere where many firms are located. Concentrated areas are sparsely populated.

Some regions of the product space have no firms residing there, as some text descriptions of products would describe products with no demand, such as the word combination: "eggs", "paint" and "gardening".

The best way to tap the full research power of this product market grid is to use the Text-based Network Industry Classifications (TNIC), which is a network way of identifying competitors to each firm. Competitors are firms residing in close proximity in product space to each firm based on a continuous measure of similarity. Another key benefit of TNIC industries is that industry composition is updated annually, and our own research indicates that the product market space itself thus dynamically changes over time. As a result, static fixed-location FIC classifications miss out on much of the picture.

Hoberg and Phillips
Data Library

Welcome to the Hoberg-Phillips Data Library

<< NEW: Data extended to 2019 AND back-extended to 1989 (9 more years)! >>

<< Also: new paper on industry scope using extended data [download here] >>

Data provided by Gerard Hoberg (USC)

and Gordon Phillips (Dartmouth)


 

10-K Text-based Network (TNIC) Industry Industry concentration data from:
Text-Based Network Industries and Endogenous Product Differentiation, 2016, Journal of Political Economy 124 (5), 1423-1465.

 

 

 

* Please cite the following study when referring to this data:

Text-Based Network Industries and Endogenous Product Differentiation. [Download Paper]
Gerard Hoberg and Gordon Phillips
, 2016, Journal of Political Economy 124 (5), 1423-1465.

 


 

10-K based Product Market Fluidity data from:
Product Market Threats, Payouts, and Financial Flexibility, 2014, Journal of Finance 69 (1), 293-324.

 

 

 

 

* Please cite the following study when referring to this data:

Product Market Threats, Payouts, and Financial Flexibility [Download Paper]
Gerard Hoberg, Gordon Phillips and Nagpurnanand Prabhala, 2014, Journal of Finance 69 (1), 293-324.


 

Historical Fitted SIC-based Industry concentration data from:
Real and Financial Industry Booms and Busts, 2010, Journal of Finance 65 (1), 45-86.

 

 

* Please cite the following study when referring to this data:

Real and Financial Industry Booms and Busts. [Download Paper]
Gerard Hoberg and Gordon Phillips, 2010, Journal of Finance 65 (1), 45-86.


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Last updated 12/15/2016